NIFTYNXT50 Archives - Page 5 of 11

CANBK – Canara Bank – Q4 FY26 Financial Results – 11-May-26

Canara Bank’s FY26 shows NPA compression driving optics, but core earnings remain weak with wholesale stress and volatile non‑interest income. Loan growth 16% is funded by costly borrowings, pressuring NIMs. At 1.11% ROA and better PCR, re‑rating needs NIM stability, wholesale turnaround, and income normalization.

1–2 minutes

🔍 Observations

Topline

Net Interest Income (NII) grew modestly: interest earned ₹1,26,371 Cr vs ₹1,21,601 Cr in FY25 (+3.9% YoY), reflecting steady but unspectacular loan book expansion.
Other income fell sharply: ₹26,712 Cr in FY26 vs ₹31,057 Cr in FY25 (-14% YoY), dragging total income to near-flat ₹1,53,083 Cr (+0.3% YoY).
Advance growth was the real driver: loan book expanded ₹1,70,686 Cr (+16.3% YoY) to ₹12,20,018 Cr, outpacing deposit growth of 7.7%.

Bottomline

Reported net profit after minority interest ₹17,873 Cr vs ₹17,540 Cr in FY25 (+1.9% YoY); underlying PAT from ordinary activities was stronger at ₹18,951 Cr (+9.3% YoY) before an extraordinary deduction of ₹1,833 Cr in FY26.
Q4 PAT of ₹4,574 Cr was sequentially weaker vs Q3’s ₹5,254 Cr, driven by lower treasury/other income and a ₹8,796 Cr to ₹6,636 Cr decline in operating profit.
EPS improved: ₹21.73 in FY26 vs ₹19.34 in FY25 (+12.4% YoY), helped by NPA provision tailwind.

Margins

NPA provisions dropped from ₹9,591 Cr (FY25) to ₹6,320 Cr (FY26) — a ₹3,271 Cr tailwind — masking underlying PBT improvement; true operating leverage is limited.
ROA inched up to 1.11% (FY26) from 1.09% (FY25) on a significantly larger asset base of ₹18,87,325 Cr — thin but improving.
Operating profit grew ₹1,015 Cr (+3.2%) YoY to ₹32,804 Cr; cost efficiency aided by other operating expenses falling to ₹11,863 Cr from ₹19,583 Cr in FY25 — partly due to accounting treatment changes (note the negative Q3 figure of -₹2,924 Cr in other opex).

Growth Trajectory

Wholesale banking PBT swung to a loss of -₹1,738 Cr in FY26 (vs -₹879 Cr in FY25), signalling persistent stress in the corporate segment.
Treasury PBT surged 61% YoY (₹12,605 Cr vs ₹7,840 Cr) — partly investment revaluation gains — an unreliable recurrence driver.
Capital adequacy improved to 17.07% (CET-1: 12.47%) from 16.39% (CET-1: 12.09%) — buffer building, though AT1 ratio dipped (2.15% vs 2.34%).

ABB – ABB India – Q1 FY26 Financial Results – 8-May-26

ABB India’s Q1 CY26 shows margin compression, Automation contraction, and earnings flattered by a divestiture gain. Cash‑rich, debt‑free, and Robotics exit simplifies portfolio, but ₹1,568 Cr proceeds’ allocation is key. Valuation should anchor on declining ₹16.14 EPS from continuing ops; margin and Automation recovery are critical.

1–2 minutes

🔍 Observations

Topline

Q1 CY2026 revenue from continuing operations: ₹3,184 Cr, up 5.8% YoY (vs ₹3,010 Cr in Q1 CY2025); sequentially down 6.9% from Q4 CY2025’s ₹3,423 Cr.
Electrification leads segment mix at ₹1,564 Cr (49% of gross revenue), growing 15.2% YoY; Motion contributed ₹1,161 Cr (+5.9% YoY).
Automation contracted sharply — ₹500 Cr vs ₹586 Cr in Q1 CY2025 (-14.7% YoY) and ₹652 Cr in Q4 CY2025 — the weakest segment this quarter.

Bottomline

Continuing operations PAT: ₹342 Cr vs ₹457 Cr in Q1 CY2025 — a 25.2% YoY decline. (341.91 vs 457.31, verified.)
Discontinued operations contributed ₹1,442 Cr PAT this quarter, dominated by the ₹1,658 Cr profit on sale of the Robotics & Discrete Automation business — one-time, non-recurring.
Reported total PAT of ₹1,784 Cr is heavily distorted; recurring earnings power is materially lower.

Margins

Continuing operations PBT margin: 14.5% (₹462 Cr on ₹3,184 Cr revenue) vs 20.4% in Q1 CY2025 (₹614 Cr on ₹3,010 Cr) — a 590bps YoY compression. (Verified: 461.87/3184.06 = 14.5%; 613.66/3010.07 = 20.4%.)
Raw material + stock-in-trade + subcontracting as % of revenue: 63.3% in Q1 CY2026 vs 60.7% in Q1 CY2025 — input cost pressure is real. (1644+241+118−52 = 1,951 / 3,184 = 61.3% net of inventory build; gross: 2,003/3,184 = 62.9%.)
Other income (₹100 Cr) contributed meaningfully to PBT — without it, operating PBT margin would be ~11.4%.

Growth Trajectory

Full-year CY2025 revenue: ₹12,504 Cr. Q1 CY2026 annualised run-rate implies ~₹12,736 Cr — modest organic growth trajectory.
Electrification sustaining double-digit YoY growth; Motion steady; Automation a drag — segment divergence is widening.
EPS from continuing operations: ₹16.14 in Q1 CY2026 vs ₹21.58 in Q1 CY2025 — 25.2% YoY decline signals earnings quality erosion from core business.

BANKBARODA – Bank of Baroda – Q4 FY26 Financial Results – 8-May-26

Bank of Baroda’s FY26 shows strong credit growth and retail mix gains, but net profit fell, NIM compressed, and Wholesale Banking collapsed. Absent NPA disclosure and Q4 provision spike add concern. At 1.15% ROA and solid capital, re‑rating hinges on provision normalisation, other income recovery, and wholesale stabilisation.

1–2 minutes

🔍 Observations

Topline

Total income grew 2.6% YoY (₹15,288,414L → ₹15,682,544L in FY26); muted headline growth masks a 4.3% rise in interest earned (₹12,880,409L → ₹13,429,812L), offset by a 6.4% decline in other income (₹2,408,005L → ₹2,252,732L).
Retail Banking drove incremental revenue — segment revenue up 11.1% YoY (₹5,623,816L → ₹6,244,851L), now the largest segment at 39.8% of total income.
Q4FY26 interest earned of ₹3,451,373L is the highest quarterly figure reported, signalling sequential momentum even as other income compressed.

Bottomline

FY26 net profit fell 4.2% YoY (₹2,071,633L → ₹1,984,642L); operating profit contracted more sharply — 4.4% YoY (₹3,789,847L → ₹3,624,807L).
Q4FY26 net profit of ₹580,078L is the strongest quarterly print (+7.0% QoQ, +7.0% YoY), driven by a markedly lower effective tax rate (6.7% vs. 23.0% in Q3FY26).
Provisions rose 9.9% YoY (₹1,027,950L → ₹1,130,338L), consuming 31.2% of operating profit vs. 27.1% in FY25 — the primary drag on bottomline conversion.

Margins

Net Interest Margin compressed YoY: 2.89% in Q4FY26 vs. 2.98% in Q4FY25, with a sequential recovery from Q3FY26’s 2.79% suggesting the trough may be behind.
Operating expense ratio improved marginally — total opex as % of total income: 24.7% in FY26 vs. 24.0% in FY25; employee costs fell 3.9% YoY (₹1,791,045L → ₹1,720,852L) but other opex surged 14.3% (₹1,881,030L → ₹2,150,892L).
ROA steady at 1.15% in Q4FY26 vs. 1.19% in Q4FY25 — acceptable for a PSU bank, but directionally declining.

Growth Trajectory

Advances grew 16.4% YoY (₹123,724,040L → ₹144,045,829L), well ahead of deposit growth of 12.0% (₹145,528,796L implied; deposits on balance sheet: ₹167,589,510L → reconciling against cash flow deposit increase of ₹17,919,915L); credit growth is the primary engine.
Retail Banking segment profit surged 43.8% YoY (₹872,616L → ₹1,254,545L), offsetting Wholesale Banking’s sharp decline of 36.3% (₹1,715,685L → ₹1,092,962L).
International revenue grew 4.6% YoY (₹1,806,630L → ₹1,890,458L), contributing 12.1% of total income — a modest but stable diversification.

HYUNDAI – Hyundai Motor India – Q4 FY26 Financial Results – 8-May-26

Hyundai Motor India’s FY26 shows zero debt, ₹1.05 lakh Cr liquidity, and capex cycle completion, but PAT fell 3.7%, EBITDA margins compressed ~70 bps, and costs outpaced 2.3% revenue growth. ROCE risk from PPE surge looms; re‑rating hinges on volume recovery or EV/SUV mix gains.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 2.3% YoY (₹6,91,929 Mn → ₹7,07,633 Mn); modest absolute gain of ₹15,704 Mn signals volume saturation rather than expansion in a competitive PV market.
Q4FY26 revenue of ₹1,89,162 Mn was 5.4% ahead of Q3FY26 (₹1,79,735 Mn), suggesting seasonal recovery rather than structural acceleration.
Other income rose 9.1% YoY (₹8,700 Mn → ₹9,490 Mn), partly cushioning a weak operating topline — a dependency to watch.

Bottomline

PAT declined 3.7% YoY (₹56,402 Mn → ₹54,315 Mn) despite broadly flat revenue, pointing to cost structure inflation eating into profits.
Q4FY26 PAT of ₹12,556 Mn was 22.2% below Q4FY25 (₹16,143 Mn) — a sharp sequential year-on-year deterioration; employee costs (+18.9% YoY) and other expenses (+11.7% YoY) are the primary drag.
EPS fell from ₹69.41 to ₹66.85 YoY; no dilution (same paid-up capital), so the decline is purely earnings-driven.

Margins

EBITDA proxy (PBT + D&A + Finance costs): FY26 = ₹72,431 + ₹21,980 + ₹1,065 = ₹95,476 Mn; FY25 = ₹75,913 + ₹21,053 + ₹1,272 = ₹98,238 Mn. EBITDA margin FY26: ₹95,476 / ₹7,07,633 = 13.5% vs FY25: ₹98,238 / ₹6,91,929 = 14.2% — 70 bps compression.
Net profit margin: FY26 = ₹54,315 / ₹7,07,633 = 7.7% vs FY25 = ₹56,402 / ₹6,91,929 = 8.2% — 50 bps erosion.
Material cost ratio broadly stable (FY26: 70.9% of revenue vs FY25: 71.4%), so margin pressure is from opex (employee + other expenses), not raw material inflation.

Growth Trajectory

Revenue CAGR (1-year) of 2.3% is well below India’s PV industry growth rates; market share risk is real if product mix or EV pivot is delayed.
Cost lines outpacing revenue: employee costs +18.9%, other expenses +11.7% vs revenue +2.3% — operating leverage is working in reverse.
PPE jumped from ₹62,908 Mn to ₹1,22,907 Mn (+95% YoY), partially offset by CWIP drawdown (₹47,184 Mn → ₹7,253 Mn), signifying a major capex cycle has completed or is near completion — future revenue growth must justify this asset base.

BRITANNIA – Britannia Industries – Q4 FY26 Financial Results – 7-May-26

Britannia’s FY26 confirms a capital‑light, margin‑expanding, net‑cash franchise with strong FCF. Yet short‑term borrowings and deepening JV losses add earnings risk. Revenue growth at 6.7% is modest; with capex low, re‑rating hinges on volume acceleration or category scaling, absent in current data.

1–2 minutes

🔍 Observations

🔎 Observations

Topline

Revenue from operations grew 6.7% YoY (₹17,942.67 Cr → ₹19,151.59 Cr), driven by volume/mix gains in the core foods segment; no geographic or product-level breakdown available.
Q4FY26 revenue of ₹4,718.92 Cr grew 6.5% YoY vs Q4FY25 (₹4,432.19 Cr) but declined 5.0% QoQ vs Q3FY26 (₹4,969.82 Cr) — typical post-festive seasonality.
Other operating revenues contracted sharply (₹407.65 Cr → ₹293.38 Cr, -28% YoY), partially masking underlying goods revenue growth of 7.5%.

Bottomline

PAT grew 16.5% YoY (₹2,177.86 Cr → ₹2,537.01 Cr), outpacing revenue growth by ~10 ppts — margin expansion is the primary driver, not volume alone.
Q4FY26 PAT of ₹679.68 Cr grew 21.6% YoY (vs ₹559.13 Cr in Q4FY25), despite a higher associate/JV loss drag of ₹19.30 Cr vs ₹4.65 Cr in the year-ago quarter.
Effective tax rate improved to 22.9% (FY26) from 25.6% (FY25), contributing ~₹70 Cr incremental PAT benefit.

Margins

Net profit margin expanded 110 bps (12.13% → 13.23%); EBIT margin improved 73 bps (16.45% → 17.18%) — both computed on total revenue from operations.
Raw material intensity (cost of materials + stock-in-trade as % of goods revenue): (₹10,350.02 + ₹805.23) / ₹18,858.21 = 59.0% in FY26 vs (₹9,859.45 + ₹809.35) / ₹17,535.02 = 61.1% in FY25 — ~210 bps input cost relief.
Employee cost jumped 16.9% YoY (₹704.59 Cr → ₹823.80 Cr), absorbing a portion of the raw material savings and flagging cost pressure in headcount/wages.

Growth Trajectory

3-year PAT CAGR implied from FY25→FY26 alone is strong at 16.5%; revenue CAGR is modest at 6.7% — a margin-recovery story more than a volume-growth story.
EPS grew 16.3% YoY (₹90.45 → ₹105.18), with no equity dilution (share capital flat at ₹24.09 Cr).
Associate/JV losses deepened materially (₹10.74 Cr → ₹30.09 Cr), a trend that could weigh on consolidated earnings if unaddressed.

PIDILITIND – Pidilite Industries – Q4 FY26 Financial Results – 7-May-26

Pidilite’s FY26 strong: PAT +17.9%, 28.1% EBITDA margins, near‑zero debt, 90%+ FCF conversion. C&B compounding with leverage visible. Risks: DSO >54 days, dividend payout limiting reinvestment, CWIP doubling pressuring FCF if revenue lags. High‑quality compounder; valuation, not business quality, is the debate for FY27.

1–2 minutes

🔍 Observations

Topline

Revenue from operations grew 11.1% YoY (₹13,140 Cr → ₹14,601 Cr), driven by volume-led expansion across both segments; C&B outpaced B2B at 11.4% vs 7.2%.
Q4FY26 revenue at ₹3,583 Cr grew 14.1% YoY over Q4FY25 (₹3,141 Cr), but declined 3.4% QoQ from Q3FY26 (₹3,710 Cr) — typical seasonal softness.
Inter-segment eliminations narrowed significantly (₹303 Cr → ₹245 Cr), indicating reduced internal trade, with external revenue quality improving.

Bottomline

PAT grew 17.9% YoY (₹2,096 Cr → ₹2,471 Cr), ahead of revenue growth — operating leverage is visible at scale.
Exceptional items dropped sharply to ₹13.7 Cr (FY26) from ₹24.9 Cr (FY25), meaning clean earnings quality improved further.
Effective tax rate held steady at ~25.4%, with minimal deferred tax drag — no tax-driven PAT distortion.

Margins

EBITDA margin expanded 131 bps to 28.1% — raw material intensity stable, while employee and other expense leverage improved.
PAT margin (consolidated) widened 98 bps to 16.93% — bottom-line efficiency compounding quietly.
B2B segment EBIT margin: ₹529 Cr on ₹3,211 Cr revenue = 16.5% vs C&B at ₹3,546 Cr on ₹11,574 Cr = 30.6%; structural margin gap between segments is wide and persists.

Growth Trajectory

Three-year PAT CAGR implied by FY25→FY26 base: 17.9% single-year step is strong; C&B segment profit grew 19% YoY, signaling consumer-facing pricing power is intact.
OCF grew 24.1% YoY (₹2,287 Cr → ₹2,837 Cr), faster than PAT — cash conversion ratio improved to 1.15x from 1.09x.
CWIP jumped from ₹129 Cr to ₹329 Cr — accelerating capex cycle signals capacity expansion ahead; sustaining margins through this investment phase is the key test.

JINDALSTEL – Jindal Steel – Q4 FY26 Earnings Call – 2-May-26

JINDALSTEL’s topline growth is volume-led (Angul ramp-up), margins hinge on value-added mix recovery and coking coal stability, while bottomline faces capex ROI and write-down headwinds.

1–2 minutes

Also see: JINDALSTEL – Jindal Steel – Q4 FY26 Financial Results – 1-May-26

3-Scenario Framework

📊 Base Case (50% Probability)

Angul achieves 11M tonnes, value-added mix recovers to 65%, coking coal +$25/tonne, and slurry pipeline saves INR 750/tonne by H2FY27. Revenue: +10% YoY, EBITDA/tonne: INR 10,500, PAT margin: ~5.5%.

GODREJCP – Godrej Consumer – Q4 FY26 Financial Results – 6-May-26

GODREJCP’s FY26 delivered 8.4% topline growth with momentum, but flat PAT, margin compression, and tripling exceptional charges erased leverage. Intangibles at 48% of assets and sub‑1.0 current ratio tighten liquidity. Dividends exceed FCF, funded by liquidations; re‑rating hinges on Africa scaling profitably and traded‑goods pricing offset.

1–2 minutes

🔍 Observations

Topline

India segment drove FY26 revenue, growing 7.9% YoY (₹8,779 Cr → ₹9,474 Cr); Africa accelerated sharply at +23.1% (₹2,562 Cr → ₹3,154 Cr), offsetting Indonesia’s -2.5% decline.
Consolidated revenue from operations rose 8.4% YoY (₹13,997 Cr → ₹15,178 Cr); Q4 FY26 grew 11.0% YoY (₹3,514 Cr → ₹3,900 Cr), sustaining quarterly momentum.
Stock-in-trade purchases nearly doubled YoY (₹865 Cr → ₹1,671 Cr), signalling a structural shift toward outsourced/traded goods — compressing gross economics.

Bottomline

PAT nearly flat YoY: ₹1,852 Cr → ₹1,861 Cr (+0.5%), despite 8.4% revenue growth — exceptional items of ₹233 Cr (vs ₹63 Cr in FY25) were the primary drag.
Deferred tax credit sharply lower (₹373 Cr → ₹123 Cr), meaning reported PAT overstated operational tax efficiency in FY25; FY26 reflects a more normalised tax burden.
Q4 PAT grew 9.7% YoY (₹412 Cr → ₹452 Cr) on 11% revenue growth — quarterly trajectory healthier than the full-year picture.

Margins

Operating margin held at 20.9% (FY26) vs 21.5% (FY25) — compression of ~60 bps driven by traded goods mix shift and higher employee costs (+7.3% YoY).
Net profit margin contracted 100 bps YoY (13.3% → 12.3%), partly distorted by lower deferred tax credits and higher exceptional charges; underlying operating efficiency relatively stable.
EBIT-level segment results improved across all geographies except Indonesia; Africa’s segment result grew 10.6% (₹341 Cr → ₹377 Cr) on 23% revenue — margin still thin at ~12%.

Growth Trajectory

FY26 revenue CAGR (FY25→FY26) at 8.4%; PAT growth essentially zero — topline scaling is not yet translating to bottomline compounding.
Africa + Others segment now constitutes ~27% of revenue (up from ~25% in FY25) — geographic diversification increasing but with lower profitability profiles.
EPS flat: ₹18.11 (FY25) → ₹18.19 (FY26), +0.4% — shareholders saw no earnings growth despite 8% revenue expansion.

SHREECEM – Shree Cement – Q4 FY26 Financial Results – 6-May-26

Shree Cement’s FY26 delivered strongest PAT in years, aided by flat energy costs, lower depreciation, and controlled capex. Balance sheet fortress‑grade with ₹8,352 Cr liquid and 25x DSCR. Risks: Q4 EBITDA miss, pricing headwinds, receivables/inventory build, OCF decline. FY27 hinges on margin sustainability and working capital discipline.

1–2 minutes

🔍 Observations

Topline

Revenue from Operations rose 8.6% YoY (₹19,282.83 Cr → ₹20,943.47 Cr in FY26), with Q4 FY26 alone up 10.3% YoY (₹5,532.02 Cr → ₹6,101.00 Cr), signalling accelerating momentum into year-end.
Q4 FY26 sequential jump of 27.1% (₹4,800.52 Cr → ₹6,101.00 Cr) reflects typical Q4 cement demand seasonality — not a structural inflection.
Other Income declined as a revenue driver: flat/lower contribution (₹589 Cr → ₹661 Cr, +12.2%) relative to operating scale, keeping quality of topline intact.

Bottomline

PAT surged 55.6% YoY (₹1,123.80 Cr → ₹1,748.66 Cr), materially outpacing revenue growth — driven by operating leverage and a 65.3% jump in PBT (₹1,311.51 Cr → ₹2,293.01 Cr).
Effective tax rate compressed sharply: FY25 tax rate was ~14.3% (₹187.71 Cr on ₹1,311.51 Cr PBT) vs. FY26 ~23.7% (₹544.35 Cr on ₹2,293.01 Cr) — FY25 was flattered by large deferred tax credits (₹148.44 Cr); FY26 normalises.
Basic EPS nearly doubled: ₹311.18 → ₹483.24 (+55.3%), with Cash EPS at ₹1,247.83 reflecting the company’s high depreciation-adjusted earning power.

Margins

EBITDA margin expanded ~200 bps: FY25 EBITDA/Revenue = ₹4,523.25/₹19,282.83 = 23.5%; FY26 = ₹5,298.69/₹20,943.47 = 25.3% — despite Power & Fuel flat-lining (₹5,011 Cr → ₹5,020 Cr), Freight rising 8.9%, and Employee costs up 13.5%.
Net profit margin expanded from 5.8% (₹1,123.80/₹19,282.83) to 8.3% (₹1,748.66/₹20,943.47) — 250 bps improvement, aided by depreciation falling ₹3,006.78 Cr → ₹2,793.96 Cr (-7.1%).
Q4 FY26 EBITDA margin compressed QoQ: ₹1,485.15/₹6,101.00 = 24.3% vs. Q3’s ₹1,092.83/₹4,800.52 = 22.8% — improvement, but still below Q4 FY25’s 28.7% (₹1,586.50/₹5,532.02), signalling pricing pressure.

Growth Trajectory

Revenue CAGR of ~8.6% (1-year) is moderate for a large-cap cement player; volume-driven rather than price-led growth suggests market share focus over margin maximisation.
PAT growth of 55.6% YoY is exceptional but partly base-effect driven (FY25 PAT was depressed by lower EBITDA and elevated depreciation); sustainability depends on pricing environment in FY27.
Depreciation declining while PPE grows (₹8,548 Cr → ₹10,370 Cr) indicates older asset base fully amortised — near-term capex cycle cooling post heavy investment in FY25 (₹4,093 Cr capex).

CGPOWER – CG Power – Q4 FY26 Financial Results – 6-May-26

CG Power’s FY26 upcycle: Power Systems margins rising, near‑zero debt, ₹3,000 Cr QIP. Risks: receivables outpacing revenue, deteriorating OCF compressing FCF. Semiconductor bet dilutes near‑term margins, absorbs capital before payoff. Industrial Systems margin erosion is immediate consensus risk; Q1FY27 commentary key for trajectory.

1–2 minutes

🔍 Observations

Topline

Revenue scaled 25.3% YoY to ₹12,418 Cr in FY26, with Q4 FY26 posting ₹3,442 Cr — the strongest single quarter on record, up 25.0% YoY.
Power Systems drove outperformance: ₹5,138 Cr in FY26 vs ₹3,510 Cr in FY25 (+46.4% YoY), absorbing macro capex tailwinds in T&D and industrial power.
Semiconductors added ₹503 Cr in its first full year of operations (Axiro acquisition); Industrial Systems grew a modest 5.8% YoY to ₹6,747 Cr, indicating maturation in that segment.

Bottomline

PAT rose 23.2% YoY to ₹1,199 Cr in FY26; Q4 FY26 PAT of ₹363 Cr grew 32.5% YoY — acceleration in the exit quarter signals operational leverage kicking in.
Effective tax rate normalized to ~26.4% in FY26 (vs a distorted 27.8% in FY25 driven by ₹190 Cr deferred tax charge); current tax jumped to ₹471 Cr vs ₹185 Cr, confirming MAT credit exhaustion and shift to full tax paying status.
Employee costs surged 55.2% YoY (₹613 Cr → ₹952 Cr), reflecting headcount expansion tied to semiconductor operations and new business build-out — the single fastest-growing cost line.

Margins

Consolidated EBIT margin compressed to 13.3% in FY26 from 14.1% in FY25; Power Systems partially offset this by expanding EBIT margin to 21.8% (+280 bps YoY).
Industrial Systems EBIT margin contracted sharply from 11.6% to 9.3% — a 230 bps deterioration suggesting pricing pressure or cost absorption in that segment.
Semiconductor segment dragged consolidated EBIT by ₹108 Cr in FY26; excluding Semiconductors, consolidated EBIT margin would be materially higher, masking underlying segment-level strength.

Growth Trajectory

Three-year topline CAGR (implied from FY25 base of ₹9,909 Cr to FY26’s ₹12,418 Cr) reflects a step-change driven by organic Power Systems growth and inorganic Semiconductor addition.
QIP of ₹3,000 Cr in FY26 has nearly doubled equity base (₹4,038 Cr → ₹8,198 Cr), positioning the company to fund future capacity expansion without leverage — a structural inflection.
EPS grew from ₹6.38 to ₹7.72 (+21.0% YoY) despite the equity dilution from QIP and ESOP issuances, confirming that earnings growth outpaced share count expansion.